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258 million euros available for European SMEs

In cooperation with major international investors, October makes 258 million euros available for European SMEs

During the summer, October raised €258m to lend to European Small and Medium Companies.

In this period of great mobilisation of all financing players, October confirms its ambition to be a partner of choice for European SMEs.

Thanks to its technology and data from its 5 years of operation, October wants to make life easier for entrepreneurs and to guide them efficiently towards the source of financing that best suits them. Over the last few months the October loan platform has expanded its offering, adding State Guaranteed Loans to non-guaranteed loans and its financial leasing product.

The €258 million raised by the platform greatly strengthens its capacity for lending and broadens its range of products for companies:

  • Product #1 / Classic loan: Additional financing of €20m to finance SMEs across Europe (all sectors of activity).
  • Product #2 / Tourism sector: A €38m financing from 6 major insurance companies and the CDC (Caisse des Dépôts) for French companies in the tourism sector. These deferred repayment loans support the reopening of the hotel and catering industry and more generally tourism companies. This is part of the “Assureurs-Caisse des Dépôts Relance Durable France” program, which dedicates €150m to the tourism sector and for which October has been selected as the sole platform partner.
  • Product #3 / State Guaranteed Loan for Italian SMEs: A €200m financing led by Gruppo Intesa Sanpaolo, Italy’s largest banking group. This significant amount is intended to be deployed by the end of 2020 using October’s Instant Project technology.

 

“These investors were all attracted by October’s technology, which allows them to deploy large amounts of money efficiently, while respecting standardised processes, following precise and tailor-made risk policies and relying on 5 years of accumulated data for more reliable decisions,” says Olivier Goy, founder and CEO of October.

 

“This money is immediately available for the companies involved in France, Spain, Italy, the Netherlands and Germany, all in an ultra simple and fast process, which is the trademark of October’s loan technology ” adds Patrick de Nonneville, COO of October.